Business Segments (Tables)

6 Months Ended

Jun. 30, 2019

The following tables provide a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2019 and 2018, on a managed basis. The Firm’s

definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. For additional information on the Firm’s managed basis, refer to Note 31 of JPMorgan Chase’s 2018 Form 10-K.

Business segment capital allocation

The amount of capital assigned to each business is referred to as equity. On at least an annual basis, the assumptions and methodologies used in capital allocation are assessed and as a result, the capital allocated to lines of business may change. For additional information on business segment capital allocation, refer to Line of business equity on page 91 of JPMorgan Chase’s 2018 Form 10-K.



Segment results and reconciliation^(a)
As of or for the three months ended June 30, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank						Commercial Banking						Asset & Wealth Management
	2019			2018			2019			2018			2019			2018			2019			2018
Noninterest revenue	$	4,440		$	3,748		$	7,483		$	7,532		$	549		$	633		$	2,683		$	2,687
Net interest income	9,393			8,749			2,158			2,391			1,662			1,683			876			885
Total net revenue	13,833			12,497			9,641			9,923			2,211			2,316			3,559			3,572
Provision for credit losses	1,120			1,108			—			58			29			43			2			2
Noninterest expense	7,162			6,879			5,487			5,403			864			844			2,596			2,566
Income before income tax expense	5,551			4,510			4,154			4,462			1,318			1,429			961			1,004
Income tax expense	1,377			1,098			1,219			1,264			322			342			242			249
Net income	$	4,174		$	3,412		$	2,935		$	3,198		$	996		$	1,087		$	719		$	755
Average equity	$	52,000		$	51,000		$	80,000		$	70,000		$	22,000		$	20,000		$	10,500		$	9,000
Total assets	550,690			552,674			962,498			908,954			220,712			220,232			172,149			161,474
ROE	31		%	26		%	14		%	17		%	17		%	21		%	27		%	33		%
Overhead ratio	52			55			57			54			39			36			73			72



As of or for the three months ended June 30, (in millions, except ratios)	Corporate						Reconciling Items^(a)						Total
	2019			2018			2019			2018			2019			2018
Noninterest revenue	$	(125	)	$	142		$	(596	)	$	(474	)	$	14,434		$	14,268
Net interest income	447			(62		)	(138		)	(161		)	14,398			13,485
Total net revenue	322			80			(734		)	(635		)	28,832			27,753
Provision for credit losses	(2		)	(1		)	—			—			1,149			1,210
Noninterest expense	232			279			—			—			16,341			15,971
Income/(loss) before income tax expense/(benefit)	92			(198		)	(734		)	(635		)	11,342			10,572
Income tax expense/(benefit)	(736		)	(62		)	(734		)	(635		)	1,690			2,256
Net income/(loss)	$	828		$	(136	)	$	—		$	—		$	9,652		$	8,316
Average equity	$	68,526		$	78,901		$	—		$	—		$	233,026		$	228,901
Total assets	821,330			746,716			NA			NA			2,727,379			2,590,050
ROE	NM			NM			NM			NM			16		%	14		%
Overhead ratio	NM			NM			NM			NM			57			58


(a)	Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.



Segment results and reconciliation^(a)
As of or for the six months ended June 30, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank						Commercial Banking						Asset & Wealth Management
	2019			2018			2019			2018			2019			2018			2019			2018
Noninterest revenue	$	8,773		$	7,887		$	15,146		$	15,449		$	1,207		$	1,182		$	5,276		$	5,317
Net interest income	18,811			17,207			4,343			4,957			3,342			3,300			1,772			1,761
Total net revenue	27,584			25,094			19,489			20,406			4,549			4,482			7,048			7,078
Provision for credit losses	2,434			2,425			87			(100		)	119			38			4			17
Noninterest expense	14,373			13,788			10,940			11,062			1,737			1,688			5,243			5,147
Income before income tax expense	10,777			8,881			8,462			9,444			2,693			2,756			1,801			1,914
Income tax expense	2,640			2,143			2,276			2,272			644			644			421			389
Net income	$	8,137		$	6,738		$	6,186		$	7,172		$	2,049		$	2,112		$	1,380		$	1,525
Average equity	$	52,000		$	51,000		$	80,000		$	70,000		$	22,000		$	20,000		$	10,500		$	9,000
Total assets	550,690			552,674			962,498			908,954			220,712			220,232			172,149			161,474
Return on equity	31		%	26		%	15		%	20		%	18		%	20		%	26		%	33		%
Overhead ratio	52			55			56			54			38			38			74			73



As of or for the six months ended June 30, (in millions, except ratios)	Corporate						Reconciling Items^(a)						Total
	2019			2018			2019			2018			2019			2018
Noninterest revenue	$	(117	)	$	(43	)	$	(1,181	)	$	(929	)	$	29,104		$	28,863
Net interest income	864			(109		)	(281		)	(319		)	28,851			26,797
Total net revenue	747			(152		)	(1,462		)	(1,248		)	57,955			55,660
Provision for credit losses	—			(5		)	—			—			2,644			2,375
Noninterest expense	443			366			—			—			32,736			32,051
Income/(loss) before income tax expense/(benefit)	304			(513		)	(1,462		)	(1,248		)	22,575			21,234
Income tax expense/(benefit)	(775		)	6			(1,462		)	(1,248		)	3,744			4,206
Net income/(loss)	$	1,079		$	(519	)	$	—		$	—		$	18,831		$	17,028
Average equity	$	67,047		$	78,261		$	—		$	—		$	231,547		$	228,261
Total assets	821,330			746,716			NA			NA			2,727,379			2,590,050
Return on equity	NM			NM			NM			NM			16		%	14		%
Overhead ratio	NM			NM			NM			NM			56			58


(a)	Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.